The Division of Property in Colorado

For couples who are preparing for divorce, dividing marital property and
debts is the primary reason that attorneys are hired. Marital property
includes all items that a couple has acquired during the course of the
marriage. When spouses cannot agree how to separate the accumulated assets
and debts, then the court must decide on an equitable division. To keep
legal costs in line, it is always advisable to keep the matter out of
the court room and to divide the property amicably.

Be Fair

It is important for couples to be fair when assigning value to the items
are that considered marital property. Marital property also includes the
separate bank or brokerage accounts that spouses have never mentioned
to their partner. When these kinds of accounts are revealed after assets
have been fully disclosed, the penalties for hiding assets can be substantial.

Working Together

Make a list of all significant marital debts and assets that are to be
divided and assign a value to each item. For significant items, such as
homes, businesses, antiques, or expensive vehicles, it is always best
to have them appraised by a professional.
Certain kinds of investments may also require the assistance of an outside
authority.

Begin by assigning the rightful owner to specific pieces of property, and
then attempt to assign ownership to each item on the list. Start with
the most valuable items and keep track of the total value assigned to
each partner. Smaller items may be used to off set any imbalances.

Obtaining the Court’s approval

When both spouses agree on the division of marital property, the court
will usually approve the agreement. The exception to this is unless one
of the parties has not been represented by an attorney and has agreed
to an inequitable division. In cases such as these, the judge may make
inquiries in order to ascertain that the division of assets is just and fair.

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